Energy bills for British households reduced - Regulator Ofgem announced a 7% price reduction
Millions of British households will see lower energy bills from July, after regulator Ofgem said the maximum price will be reduced by 7%.
The decision is welcome news for the government, under pressure to ease a tightening of the cost of living, and comes after data earlier in the week showed a larger-than-expected rise in inflation in April.
"Global wholesale prices for energy have fallen. While this is the main cause, changes in suppliers' business costs have also had an impact on the fall in energy prices," Ofgem said in a statement.
British gas prices have fallen by almost 40% since their peak in February, driven by fears of an industrial slowdown and a global trade war. The EU parliament has also played a role, backing looser gas storage rules. Despite the fall, domestic energy prices remain around 50% higher than in the summer of 2021, before Russia’s invasion of Ukraine drove up gas prices and triggered an energy crisis in Europe.
Consumer groups warned that energy costs remain unaffordable for many households and called for more support for the poorest. "Any drop in energy prices is always welcome news, but bills remain extremely high for low-income households," they stressed.
British Prime Minister Keir Starmer said he acknowledged that older people were still feeling the pressure of energy prices and wanted to ensure more pensioners qualified for winter fuel payments, after limiting the number of people eligible last year.
Ofgem's new cap of £1,720 per year for average electricity and gas usage is £129 lower than the previous cap for the April-June period.
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